On the surface, it is easy to see proof all around us that this is true; that our prospects and clients do only care about price. In fact, I’m sure that most of us have, at one time or another, price shopped for a product or service. We’ve all done it.
At the same time, we’ve all got our threshold, our own personal rules about what we will spare no expense for. In essence, these are the products and services in which we have come to value something higher than the dollars that are leaving our pockets. For many with foot problems, or a sharp eye for fashion, this may be in shoes. For people who have been audited or overpaid on their taxes, this may be in quality professional tax services.
The key to no longer competing on price is to lead your customers and prospects to something that they will value MORE than money.
Let’s look at this from a different angle:
If you were going to purchase, say . . . a rocket ship , what criteria would you use to pick the best rocket ship? Unless you’re a rocket scientist, chances are that you don’t know the first thing about how to choose a good rocket ship. So, you’ll search your personal repertoire for something that you know about that might be a good criteria to help you decide which rocket ship to buy.
Here’s where the hitch comes: there is only one decision criteria that is universal to every product and service on the face of the planet: PRICE!
So what can be learned from this?
Your take-away should be this: Your clients do not know what criteria to use in purchasing your product or service. They do not know what they should be valuing more than the money leaving their pocket. It is your job to teach them what they need to know to make an educated decision and exactly where they need to be placing their value.